AkzoNobel Reports a Decline in Profits on Weak End Markets and Cost Inflation

5:22 AM MDT | July 19, 2012 | Natasha Alperowicz

AkzoNobel today reported a major drop in net profits for the first quarter of this year citing weaker end markets and cost inflation. Net income from continuing operations reached €70 million ($91.7 million) compared with €132 million in the first quarter of 2011. Ebitda was 3% lower at €423 million. Revenues were up 6% at €3.97 billion, mainly driven by pricing actions. Adjusted EPS was €0.63 compared with €0.72 in the year-earlier quarter. The company reported a drop in Ebitda margin to 10.6% from 11.6% in the first quarter of...